January 14, 2010 at 20:48 PM EST
Berry Petroleum Prices Offering of Common Stock

Berry Petroleum Company (NYSE: BRY) announced that it has priced its underwritten public offering of common stock.

Berry Petroleum Company has agreed to sell 8 million shares of common stock at a public offering price of $29.25 per share. The Company granted the underwriters a 30-day option to purchase an additional 1.2 million shares of its common stock to cover over-allotments. The Company estimates that its net proceeds from the sale of common stock, after deducting estimated underwriting discounts and commissions and offering expenses, will be $224 million, assuming the underwriters’ over-allotment option is not exercised.

Net proceeds from the offering are expected to be used to fund the planned acquisition of certain properties in the Wolfberry trend of West Texas and for general corporate purposes. Pending the application of the proceeds for such purposes, Berry will use the net proceeds to reduce outstanding borrowings under its senior secured revolving credit facility.

Credit Suisse and J.P. Morgan are acting as joint book-running managers for the offering. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from the offices of: Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, 1-800-221-1037 or J.P. Morgan Securities Inc., via Broadridge Financial Solutions, 1155 Long Island Ave, Edgewood, New York 11717, 1-866-803-9204.

The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities & Exchange Commission (SEC). A prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and available on its website at http://www.sec.gov.

This news release is neither an offer to sell nor a solicitation of an offer to buy any securities of Berry Petroleum Company and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

Safe harbor under the “Private Securities Litigation Reform Act of 1995”

Any statements in this news release that are not historical facts are forward-looking statements that involve risks and uncertainties. Words such as "expect," "project," “believe” and forms of those words and others indicate forward-looking statements. Important factors which could affect actual results are discussed in PART 1, Item 1A. Risk Factors of Berry's 2008 Form 10-K filed with the Securities and Exchange Commission on February 25, 2009 under the heading "Other Factors Affecting the Company's Business and Financial Results,” and updated in the Company’s Form 10-Q filings subsequent to that date.

Contacts:

Berry Petroleum Company
Investors and Media
David Wolf, 303-999-4400
or
Shawn Canaday, 303-999-4000
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